According to the data shared by Cardano Daily, Djed stablecoin saw a massive growth of over 14,587%.

Read Also: Cardano-based Token (SHEN) Holders Will Receive Rewards for ADA Deposits: Details

Cardano Daily tweeted, “UNIQUE ACCOUNT GROWTH ON CARDANO DAPPS The chart below showed the growth of the unique accounts in terms of Dapps on Cardano. According to the statistics, @DjedStablecoin is having the most significant growth, 14587% growth. What a start!”

UNIQUE ACCOUNT GROWTH ON CARDANO DAPPS

The chart below showed the growth of the unique accounts in terms of Dapps on Cardano. According to the statistics, @DjedStablecoin is having the most significant growth, 14587% growth. What a start!#cardano #account #growth pic.twitter.com/V8RdKJK7H6

— Cardano Daily (@cardano_daily) February 6, 2023

On the 31st of January 2023, as reported by Times Tabloid,  Djed stablecoin was released on the mainnet after a year of development. So, within just days of launch, the much-anticipated stablecoin has started to attain unimaginable heights.

As reported by COTI network about two days ago, after the launch of Djed on the mainnet, a total of 28 million ADA were made available on the platform. Some hours later, it was reported that the stablecoin has attained a reserve ratio of 800%, which implies that no additional SHEN token could be minted until the ratio was reduced.

Read Also: Cardano Developers Launch New Toolkit Supporting Ethereum-Compatible Sidechains

Howbeit, users will still be able to mint and burn DJED. Also at the time, 1.85 million DJED were minted, and 40,000 were burned.

On the 3rd of February, COTI’s Treasury received the first batch of Djed operational fees. A conversion of ADA to COTI was done on the open market, and the COTI was funneled to the treasury as a reward to its participants.

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The post New Cardano-Based Stablecoin Djed Sees 14,587% Increase in Unique Addresses in Seven Days appeared first on Times Tabloid.

The Cardano ecosystem is set to record an expansion as its long-awaited first-ever stablecoin dubbed Djed would go live this week. The COTI team affirmed this expected launch on January 13 in a Medium post.

But the development of Djed began back in 2021 when Charles Hoskinson, the founder of the Cardano blockchain and CEO of Input Output Global (IOG) announced that COTI will be powering the overcollateralized stablecoin.

Djed 1.1.1 is Set to Go Live: SHEN Holders To Earn Rewards

The soon-to-come launch of the first version of Cardano’s overcollateralized stablecoin Djed 1.1.1 will include delegation rewards for SHEN holders starting from day one, according to the development team, COTI. 

We are happy to share that Djed 1.1.1 will include delegation rewards for $SHEN holders starting from day one! In this update we explained Djed’s economics and delegation process.

Read all about it: https://t.co/Q9rNRCrxL4$DJED $COTI @Cardano pic.twitter.com/11LRFldr11

— COTI (@COTInetwork) January 29, 2023

“In the past few months, we worked on enabling the reserved ADA, on the Djed smart contract, to earn delegation rewards for SHEN holders. We are happy to announce that the hard work paid off and delegation rewards for SHEN holders will be included in Djed 1.1.1,” part of the update read.

While the COTI team further noted that the technical setup devised for the inclusion of delegation rewards for the reserve token holders is temporal, the conditions SHEN holders must meet to be eligible to receive delegation rewards, the distribution pattern, and the underlying techniques were carefully outlined in the update. 

However, it was said that a more robust multiple-pool staking technology will be onboarded alongside the launch of the planned advanced version of Djed stablecoin (v1.3). First, a SHEN holder must deposit ADA to the reserve. 

According to the update, “the ADA tokens that will be deposited to the reserve for minting SHEN will collide along with the collected mint/burn fees for SHEN and DJED and will also be delegated to a dedicated public staking pool operated by Wave Financial.” 

Although Wave Financial is categorized among the most reputable stake pool operators (SPOs) in the Cardano network, a certain Twitter user and many others called COTI’s SPO selection, “a bad stake pool choice.” 

Furthermore, the update revealed that at the end of each epoch, the rewards received by the staking pool would be calculated. And delegation rewards would be automatically sent to eligible SHEN holders directly to their wallets.

Notably, these rewards are designed to be distributed to qualified SHEN holders after every 20 days. The amount of delegation rewards allotted to each eligible SHEN holder can be checked on died.xyz, the team revealed.

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The post Cardano-based Token (SHEN) Holders Will Receive Rewards for ADA Deposits: Details appeared first on Times Tabloid.